Question:
How hard is it to get an FHA Loan? My credit scores is 618 (almost exclusively medical bills).?
jacquefromtexas
2006-03-02 13:06:40 UTC
My income is high, I have 33,000 of student loans I won't have to pay on for 3 years, and I'm only requesting $40,000. Someone give me good news.
Four answers:
bbq
2006-03-02 13:13:20 UTC
an FHA loan is easier to get than a conventional loan because it's insured against non-payment and the cost is paid by you. The only way to know for sure is to try. Beleive me, people want you to borrow money so they will work with you and tell you what you need to do if it can't happen right now.
Steph-B
2006-03-02 21:49:32 UTC
An FHA loan requires a 590 credit score, although there are other things that individual lenders look at. It sounds like you have a very good chance of being approved. If you get your credit score to a 620, however, you can go with a conventional loan, which can help you in shopping for a home. Sellers don't always like to see an FHA offer, because it means more repairs for them (such as scraping off old paint and re-painting, adding railings, fixing cracks in driveways). You'd be suprised how quickly your score can change, so you may want to give it a few weeks and see if you have a 620!
97_VR4
2006-03-02 21:20:54 UTC
Go talk to the bank or mortgage broker...Is that score a Tri-merge credit score? or is it just one single score and if so who is it from(experian, Trans-union, Equifax). If I remember right, you have to have either above 600 or 620, it's been awhile since I have closed an FHA loan. I know that you are very close as far as your scores are concerned. I would call up a mortgage broker in your area that handles FHA loans, not all brokers handle them because they can be a little complex. Let them pull your credit scores and they can tell you with ease if you qualify or not. Very simple, you probably wont even have to go down there until after the pre-approval process. Hope this helps some.
loansbyanthony
2006-03-03 15:31:48 UTC
you can talk to a mortgage loan officer about all types of loan products-I think your loan amount is to low for most FHA products-...


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